Ironstate definition
Examples of Ironstate in a sentence
Each of Owner and Ironstate shall provide its written consent to a proposed Major Decision within a commercially reasonable period after the other Member’s request for any approval.
Ironstate shall have performed all other covenants, undertakings and obligations, and complied with all conditions required by this Agreement, to be performed or complied with by Ironstate at or prior to the Phase II Closing.
Prior to incurring any expense not set forth in any Pre-Development Budget, Operating Budget or Construction Budget, as any of them may be amended from time to time, Ironstate shall obtain the prior written approval of Owner, which approval shall not be unreasonably withheld.
Subject to the Parties having received the Approved Financing for the development and construction of the Project and that such Approved Financing provides for the payment of the following, in consideration of Ironstate’s and Owner’s obligations under this Agreement, Ironstate and Owner shall split a development fee (the “Development Fee”) equal to three percent (3%) of all “soft & hard construction costs” incurred in connection with the Project, including the costs of obtaining the Required Approvals.
Upon transfer, the Phase III Capital Contribution, subject to any applicable credit as provided in Section 2.3 above, shall be tendered by Ironstate Member C as its cash capital contribution to Harborside Entity C.
Ironstate agrees not to take any action that constitutes a Major Decision without Owner’s written consent.
The Required Approvals for Phase II of the Project shall have been obtained, shall remain in full force and effect as of the Phase II Closing Date and Ironstate shall have received evidence that the Required Approvals have been obtained and remain in full force as of the Phase II Closing Date.
The Development Fee shall be shared equally by Ironstate and Owner.
Owner may not use the name “Ironstate Development” or any derivation thereof without the prior written consent of Ironstate.
All representations and warranties made by Ironstate in this Agreement shall be true and correct in all material respects on and as of the Phase I Closing Date, as if made on and as of such date except to the extent they expressly relate to an earlier date.